BitForex review: score, licensing and risks
39/100SCORE · DCaution
Grade D, caution
Stopped processing withdrawals in February 2024 after a large unexplained outflow, and the team went silent. This is what an exit scam looks like from the outside.
The facts
- FOUNDED
- 2017
- HEADQUARTERS
- Seychelles
- CUSTODY
- Custodial.
- MiCA / EEA
- Not authorised across the EEA.
- US ACCESS
- No.
- PROOF OF RESERVES
- No standard proof of reserves publication.
- FEES
- Typical for a venue of its size. Confirm current pricing on its own site.
- ASSETS
- Varies
How the score breaks down
Each dimension is explained on the methodology page.
Where it is strong and where it is not
✓ Strengths
- None.
✗ Weaknesses
- Halted withdrawals with no warning in 2024
- Team went silent
- Customers were not made whole
Incident history
2024
Halted withdrawals with no warning after roughly 57 million dollars moved out of its hot wallets, and the team went silent. Customers were not made whole.
Our read
Stopped processing withdrawals in February 2024 after a large unexplained outflow, and the team went silent. This is what an exit scam looks like from the outside.
COMPARE
RISK WARNING
Crypto assets are highly volatile and largely unregulated. You can lose everything you put in.
Nothing on this page is financial, investment or tax advice, and nothing here is a recommendation
to buy or sell any asset. Do your own research and never commit money you cannot afford to lose.